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The Central Budget - 2016, in general, was a commendable exercise by the Finance Minister. He was able to deftly handle many difficult issues. Thanks to the benefit the country is deriving from low oil prices in the international market, we can only hope that industrial growth picks up the way it is expected by the Government. It is sad that most State Government’s are not keeping pace with the vision of the Prime Minister and the efforts of the Central Government, to give a bigger push to the Indian economy.
The Central Budget has done its bit to give a push to the Real Estate Sector, particularly to affordable housing. So also, the much talked about Real Estate Investment Trusts (REITS), which should help unlock a lot of capital for commercial property developers and help bring in foreign exchange to the country. However, the concept of Smart Cities requires more clarity and much more fund allocation for the initiative to succeed.
Real estate sector continues to be plagued by excessive taxes, duties, charges under various heads by the Central, State & Civic Governments, resulting in an impact of more than 30% of the product price (whether it is affordable housing or otherwise) incurred by the consumer. To realise the dream of ‘Housing for All’ by 2022, an essential element is to reduce the numerous taxes and charges on the housing sector.
5 State Governments are in election mode. The results are important to the present Government at the Centre to implement many major policy initiatives – GST for example. One wonders why so much of governance time is lost due for conducting elections at the Centre, State & Civic bodies at different times? If elections are held together for all, huge saving of resources and time could be achieved. The Indian election commission has the capability & has already excelled in conducting National & State elections very efficiently.
With bank interest rates in the downward mode, if the ruling party in the Centre does well in the State elections & gains majority in the Rajya Sabha, and if the country receives good monsoon during the next few months, there is no reason why the consumer & investment sentiment should not change for the better very quickly. With this hope, optimism for the future continues."
Having entered our 25th year of operations, after a lot of internal deliberations, I am happy to release the organisation’s Shared Vision and Mission statements and Core Values. This should stand in good stead for the decade ahead and give Brigadiers a clear sense of direction, enabling them to work with a unified sense of purpose and to achieve set goals and objectives. Every Brigadier has to remember and constantly remind oneself of Brigade Group’s core values and ensure these shared values are not compromised in any way.
Sheraton Bangalore Hotel at Brigade Gateway, which had its soft opening in mid-March, has received very encouraging feedback from guests and industry professionals. This well-appointed 230-room, 5-star deluxe hotel with six F&B outlets and a 1000-seater banquet hall, is bound to be amongst the best hotels in Bangalore, and will be the pre-eminent Sheraton Hotel in the country. General Manager Martin Wuethrich from Switzerland and Executive Chef Gustavo Maurelli from Italy will bring their international expertise to lead Sheraton Bangalore in the path of success.
It is a fantastic achievement by the Indian Cricket Team to have won the ODI World Cup, after a gap of 28 years. It is very difficult to live up to expectations, having been the favourites to win the Cup. The credit undoubtedly goes to the players for their outstanding teamwork, superb leadership of Captain Dhoni and Coach Kirsten, and performing when it mattered most in the knock-out stage. Many analogies can be drawn to the corporate world from the strategies adopted in winning the Cup.
India’s 2011 provisional census figures, indicating a population of 1.2 billion+, is certainly a cause for worry, and not celebration. Speedy urbanisation is a matter of great concern to city planners. Meeting the infrastructural needs of the growing population will be a huge, daunting task. Our planners have to work overtime to ensure that demand for space and services are met, if one has to stop proliferation of slums in urban centres. There is a great need to decentralise growth by ensuring development of each and every district and taluk centre.
The Karnataka State and Central budgets for 2011 have been passed. Unfortunately, policies and tax rates are being tinkered with frequently, leading to confusion and a loss of direction to the business community. Real Estate hardly finds favour with the tax authorities. A few examples: in Karnataka, stamp duty rates on Joint Development Agreements have been increased by an unbelievable proportion and the VAT applicability principle in the construction industry has changed to compound the confusion. In the Centre, tax exemption to SEZ units is withdrawn by imposing MAT; Service Tax is imposed for hospitality business … the list goes on and on.
Anna Hazare’s anti-corruption campaign was much needed and, hopefully, will serve as an eye opener to the government and corrupt people. The spontaneous response to Anna’s fast from all sections of society was most encouraging and heartwarming. High corruption in society is what is coming in the way of India’s planned and sustained growth, and stopping the country moving from good to great. If people’s simmering discontent about corruption in every sphere of life is to be avoided, fast and inclusive development across the country is the only answer. Otherwise, Egypt’s Tahrir Square kind of situation is not far off in our country. If one determined Narendra Modi and one determined Nitish Kumar can make so much of a difference in Gujarat and Bihar, imagine what a small battalion of such people could do to the growth of India. By showing honesty and progress, if Nitish Kumar can get 80%+ seats in the Assembly (highest ever by any party in any state in the country since elections came to be held), why don’t other politicians realise good development will ensure re-election and continuance in power?
Let us hope for the best!